Generac Holdings Inc (NYSE: GNRC) has acquired Neurio Technology Inc, a Vancouver-based intelligent energy management technology company.
Terms weren’t disclosed.
Founded in 2005 and led by CEO Keith Marett, Neurio provides software, hardware and data science solutions to optimize energy consumption and reduce energy-related costs in the home.
Generac, a Waukesha, Wisconsin-based maker of power generation equipment products, said the acquisition accelerates its connectivity and remote monitoring strategy.
Neurio was backed by BDC Capital‘s ICE Venture Fund and other investors. The BDC fund provided Neurio with $1.5 million of seed-stage financing in 2014.
PRESS RELEASE
Generac Announces Acquisition of Neurio Technology Inc.
Acquisition of Neurio Accelerates Generac’s Connectivity Strategy
WAUKESHA, Wis., March 13, 2019 (GLOBE NEWSWIRE) — Generac Holdings Inc. (NYSE: GNRC), a global leader in the design and manufacture of a wide range of residential, commercial and industrial power products, announced today the signing and closing of a purchase agreement to acquire Neurio Technology Inc.
Neurio, founded in 2005 and headquartered in Vancouver, British Columbia, is a leading energy data company focused on metering technology and sophisticated analytics to optimize energy use within a home or business. Neurio’s hardware and software solutions equip users with the intelligence to manage and control electrical loads, solar systems and batteries to optimize energy consumption and increase savings.
“The addition of Neurio’s data expertise, devices and advanced technologies will help us strengthen our home energy management capabilities and accelerate our efforts around connectivity and remote monitoring… all of which are critical parts of our “Powering Our Future” strategy,” said Russ Minick, Generac’s Chief Marketing Officer. “Customers using Neurio’s technology get real-time access to their power consumption data and have the ability to make informed decisions that allow them to save on their energy use.”
“The combination of Neurio’s intelligent energy management technology with Generac’s products, distribution, and market creation capabilities will create tremendous opportunities in how energy is used and managed in a home,” commented Keith Marett, CEO of Neurio. “We are excited about joining the Generac family to accelerate our efforts to bring these solutions to a broader market.”
About Generac (NYSE: GNRC)
Founded in 1959, Generac is a leading designer and manufacturer of a wide range of power generation equipment and other power products. As a leader in power equipment serving residential, light commercial and industrial markets, Generac’s power products are available globally through a broad network of independent dealers, distributors, retailers, wholesalers and equipment rental companies, as well as sold direct to certain end user customers.
About Neurio Technology Inc.
Neurio is a leading energy data company focused on developing fully-integrated software, hardware and data science elements to support energy monitoring and management. The company’s unique solutions provide customers with the ability to optimize energy consumption and reduce energy-related costs. For additional information, visit www.neur.io/.
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